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ARTICLE · 11 OCTOBER 2022

Recent Developments In Turkish Capital Markets

Gen Temizer Erdogan Girgin Attorney Partnership
Gen Temizer Erdogan Girgin Attorney Partnership
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The rules and procedures regarding tender offers for public companies in Turkey are set forth in the Capital Markets Board's ("CMB") Communiqué on Tender Offers numbered II-26.1 ("Communiqué").

TurkeyCorporate/Commercial Law
Gen Temizer
Gen Temizer
Dila Topuz
Dila Topuz
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01 General Overview

The rules and procedures regarding tender offers for public companies in Turkey are set forth in the Capital Markets Board's ("CMB") Communiqué on Tender Offers numbered II-26.1 ("Communiqué").

There are two types of tender offers available under the Communiqué:

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02 Mandatory Tender Offer

Shareholders who acquire shares or voting rights that enable them to obtain, directly or indirectly, management control of a public company, solely or in concert with others through a voluntary tender offer or through block, or individual acquisitions, are required to make a tender offer to the other shareholders at the time of the share acquisition. This type of tender offer is defined as a mandatory tender offer in the Communiqué. Therefore, an obligation to make a tender offer arises when acquiring shares that ensure management control in a public company. Management control is defined under the Communiqué as either having:

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